Sanofi-backed Windward Bio raises $225M in Nasdaq IPO
What's the deal? Windward Bio, a Basel-based clinical-stage biotech, priced its Nasdaq IPO at $17 per share, raising about $175 million by selling 10,294,117 shares. A concurrent $50 million private placement to Sanofi brings total expected gross proceeds to $225 million.
Why now? The $17 price landed at the midpoint of the $16–$18 range, giving Windward a fully diluted market value of about $1 billion. Shares began trading under the ticker WWB on November 13, 2026.
What's the endgame? Founded in 2024, Windward develops ultra-long-acting antibodies for respiratory and skin diseases, designed to be dosed less often than current treatments. Its lead candidate, WIN378, targets severe uncontrolled asthma in a Phase 2/3 trial, with primary results expected in the first half of 2027.
Sanofi's direct participation stands out. The French drugmaker took 1,532,691 shares and pre-funded warrants through its Foreign Participations arm, a vote of confidence from a strategic backer.
Jefferies, TD Cowen, Piper SandlerDealroom has a profile for this one. Try Dealroom →, and UBS Investment BankDealroom has a profile for this one. Try Dealroom → served as joint book-running managers. The offering is set to close on November 16, 2026.
What could go wrong? Windward is pre-revenue, with its lead programs still in trials. The midpoint pricing — rather than an upsized or above-range deal — signals measured, not exuberant, demand.
The signal: Windward's raise reflects a biotech-heavy but selective IPO market, where October's US offerings were all in healthcare. Its scale and Sanofi's involvement set it apart, but investors are still pricing clinical risk carefully.
Read more: streetinsider.com
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